Indonesian Multinance Firms Could Benefit from War, OJK Head Reveals Reasons
The Financial Services Authority (OJK) regards the conflict between countries in the Middle East that hampers oil supplies, including fuel oil (BBM), as an opportunity for multifinance companies to expand their portfolios into green vehicles.
“Geopolitical dynamics in the Middle East that could potentially disrupt BBM supplies need to be observed as an opportunity to accelerate the adoption of electric vehicles in Indonesia, so that the multifinance industry can expand its green financing portfolio,” said the Executive Head of the Financial Institution Supervisory Agency, Venture Capital Company, Agusman, in a written statement on Thursday (9/4/2026).
He stated that public interest in electric vehicles is currently quite high. This is reflected in the significant growth of electric vehicle financing disbursements.
“In February 2026, multifinance electric vehicle financing disbursements grew 39.35% year-on-year to Rp21.94 trillion,” he said.
Agusman detailed that multifinance financing disbursements for electric vehicles are dominated by cars, growing by more than 80%. “Financing for four-wheeled electric/hybrid vehicles amounted to 83.52% with a nominal value of Rp18.32 trillion,” he added.
For information, OJK projects multifinance receivables growth of 6% to 8% in 2026. Agusman assessed that this figure is still realistic to achieve.
He mentioned that the working capital financing segment is expected to remain one of the drivers of multifinance growth in 2026, in line with public needs for procuring goods/services and business expansion.
“The projected receivables growth of 6%-8% in 2026 is deemed realistic considering, among others, industry targets and economic conditions. To achieve it, companies need to optimise potential sectors and regions that are prospective while maintaining asset quality and risk management,” said Agusman.
He explained that in January 2026, new multifinance industry financing disbursements were recorded at Rp78.16 trillion, dominated by multi-purpose financing with a 47.47% share. In nominal terms, multi-purpose reached Rp37.10 trillion, investment Rp18.72 trillion, and working capital Rp17.04 trillion.
Meanwhile, electric vehicle financing in January 2026 grew 39.13% year-on-year to Rp21.05 trillion, driven by increased electric vehicle sales and expected to continue positive growth in 2026 in line with vehicle electrification trends.
Over the 2022-2025 period, four-wheeled vehicle financing receivables grew at an average of 6.80% year-on-year. As of January 2026, total four-wheeled vehicle financing disbursements were recorded at Rp229.43 trillion. Used four-wheeled vehicles recorded a higher average growth of 12.75% year-on-year.
“Companies can optimise both segments by expanding networks and maintaining financing quality,” said Agusman.
He continued that improvements in the automotive market at the beginning of the year are a positive signal for vehicle financing, with positive growth prospects in 2026.
Meanwhile, contractions in some companies are influenced by, among others, market conditions and each company’s business strategies, with movements continuously monitored through the latest data.